The cross-border licence would include a mechanism ensuring a smooth transition for UK firms from an EU passport to a third-country licence after Brexit.

According to a draft government proposal, the Finnish Investment Services Act will be amended to introduce a cross-border licence for third-country investment firms. Under such licence, third-country firms would be able to provide investment services and activities together with ancillary services in Finland to eligible counterparties and professional clients without establishing a branch in Finland. The Finnish Ministry of Finance is still finalising the proposal, but it is expected to be introduced to the Parliament next week.